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fight over the debt ceiling? >> well, first, these last-minute deals are no way to run the government. i can tell you that. we know what the problem is. you're going to have al simpson and erskine bowles on. they have talked about this for a couple of years now. we have a spending problem. you know, we have a debt the size of our economy, which makes us look a lot like greece. this administration has driven spending as a percentage of our economy from 21% up to almost 25%. we've resolved the tax issue now. it's over. it's behind us. we were able to get permanent tax relief for 99% of american taxpayers. and for 500,000 small businesses. so that's behind us. what's left to be dealt with is the spending. and it's a shame that the president doesn't embrace the effort to reduce spending. none of us like using these situations like the sequester or the debt ceiling or the operation of government to try to engage the president to deal with this. but -- >> but you said that was a strategy, that's what you learned. i want to come back to the question. it's a hostage that's worth ransoming, the d
into the debt ceiling limit and whether you go past it. here is what the president said about that on tuesday. let's list. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. far worse than the impact of a fiscal cliff. >> congressman jordan back in 2011 when we had the debate you advocated going past the debt ceiling deadline saying it wouldn't be such a bad thing. would you advocate that again this year? >> i advocated a solution and not a deal. it is no wonder the president doesn't want to debate this. if i had prosided over the four annual highest deficits in american history, $5 trillion increase in the national debt i probably wouldn't want to talk about the issue either. let's look at the facts. since the debt ceiling agreement passed 16 months ago the day after it passed we got a downgrade from s&p. a week after the market dropped 1300 points. the supercommittee which chris and so many members voted for fell apart like we all thought it would and the only scheduled cut
the effort to reduce spending. none of us like using these situations like the sequester or the debt ceiling or the operation of government to try to engage the president to deal with this. but -- >> but you said that was a strategy, that's what you learned. i want to come back to the question. it's a hostage that's worth ransoming, the debt ceiling of the united states government. is that the strategy that you would ransom that here again to force the kind of spending cuts that you think are necessary? >> it's a shame that we have to use whatever leverage we have in congress to get the president to deal with the biggest problem confronting our future. and that's our excessive spending. >> but you're conceding that that may be the strategy this time? >> well, what the strategy ought to be is we ought to be doing something about the problem. >> well, i understand that. but there are additional problems as well that flow from that. as you know, after the debt ceiling was resolved in the summer of 2011, america's credit rating was downgraded. johningler was the republican governor of michigan a
unprecedented. there's no change in sight. this is the debt ceiling debate of july and august 2011 which was supposed to come to grips with spending and our debt. it was punted off until this january. what came out was another probably as a result of the next one. we will come out with everything deferred. we are not facing the problem. ultimately, it will destroy our economy. >> i disagree with both nina and charles. it was postponed. it was avoided. that's a good thing. yes, the candid get kicked down the road. they had to because of the sequestration that will be taking place. what was achieved is that the president the achieved his goal of increasing the tax rate on the wealthy. that was important. the loser clearly being speaker boehner. yet a bad beginning of the year. >> the voters send them across the washingtons and make sure that they get every benefit that the government has available to them. they some republicans to washington to make sure that they will not have to pay. both parties keeping promises. they will much such a single gray hair on that beautiful hair of social se
. this time over the nation's debt ceiling. >> fifthsyrian president bashar al-assad addressed his war-torn nation in a rare speech. he stood firm against global calls for him to step down. and proposed a peace process that would leave him in power. the obama administration quickly rejected it. more than 60-thousand people have reportedly been killed during a bloody civil war two years. searching for dozens of people who may be missing in wildfires in southeast tasmania. those wildfires have already destroyed more than a hundred homes. also been evacuated from the tasmania peninsula because the fires have blocked roads in and out of the rural communities. firefighters are having a tough time getting the flames under control because of the rough terrain. but they say they should gain the upper ground this week. >> president obama and the first family are back in washington tonight. after wrapping up their holiday vacation in hawaii. air force one touched down at joint base andrews in maryland earlier this morning. the president interrupted his vacation by flying back to washington to se
. the debt ceiling and this week people are getting paychecks for the fit time. >> people will be surprised the president said if you make less than $250,000 you will not pay one dime. they are paying a lot of times. making $50,000 will be on the hook of additional $1,600. you don't have that to give the government so they can waste it to borrow more money. it will hit people hard. ha and then add the obamacare tax and the economy will be in a world of hurt. gerri: maybe there is a tax revolution. people may make calls to congress. who knows? >> i do think there will be a revolt from people who voted for obama that would only hit the nasty rich people. but it will hit them. in and they lose their jobs because the rich guy cannot keep people on the payroll is pay the government or keep the employee. he makes the decision about the employee but not the taxes or he goes to jail. gerri: we had jobs numbers today. 155,000 jobs were created. that is so unimpressive. if we don't create 240,000 jobs we cannot keep up with the number being born and the workplace. so many people have quit looking and
battle over the debt ceiling. here's how both sides are weighing in on the conversation. >> i believe we need to rates the debt cell but if we don't raise it with a plan to get out of debt, all of us should be fired. >> strong words and the fiscal cliff has come and gone. now lawmakers start a new session under pressure to avert another financial crisis, this time over raising the debt ceiling. if an agreement is not reached by late february or early march, the united states risks defaulting on its phenomenon r financial obligations. the argument will be how much congress will agree to cut spending. >> the bottom line is we can't continue down the path we're on of borrowing money to pay our debt. we have to have dollar for dollar cuts. >> key democrats and say the debt ceiling and the tax cuts are unrelated. >> not going to say i'm not going to pay my bills unless you stop buying stuff. so stop buying stuff so you don't have future bills but right now we have to pea the bell for what we incur. i you want to tie it to what we do next, fine. >> the big part of the budget is getting people
with the debt ceiling. and i'm being told, you know, the debt ceiling, the sequester and the continuing resolution to fund government spending is going to be an even bigger fight. so what do you expecting in the next couple of months? >> so we expecting a very messy process. as you just pointed out, there are three things to sort out. the debt ceiling, the sequester and the continue resolution. whenever there's an agreement, maritt romneyomneyryia, we looko contents and momentum. was the content sufficient, and clearly it wasn't. that's why we have another crisis coming up. but also we got no momentum. it's not as if democrats and republicans came out feeling good about this. they came out feeling bad about this. and, therefore, there's absolutely no momentum for cooperation. so markets better have the seat belt on because we're going to have more political drama in the next few weeks. >> so how does this play out, do you think? there's a lot of talk right now about that 2% tax hike that everybody is going to pay with the expiration of the payroll tax holiday. all talking about the taxe
negotiations. now. he's back to face new battles over spending cuts and raising the country's debt ceiling. the president could also announce nominees for key positions in his cabinet as soon as tomorrow. with the fiscal cliff beginning to fade from the minds of many americans a new fight is heating up on capitol hill. a new deal over the debt ceiling is looming in the not-so-distant future. we go now to elizabeth corridan to check up on both sides and how they're preparing to get a new deal in place. >> "i believe we need to raise the debt ceiling, but if we don't raise it without a plan to get out of debt, all of us should be fired." >> reporter: strong words for a new congress, the new years deadline for the so-called "fiscal cliff" has come and gone. now lawmakers start a new session under pressure to avert another financial crisis -- this time over raising the debt ceiling. if an agreement isn't reached by late february or early march, the united states risks defaulting on its financial obligations. the argument this time around will be over how much congress will agree to cut spendin
ceiling debt bait coming. peter, what's your take? >> well, i think the debt ceiling, we've been through that before -- once before. this second time i think it's going to be actually maybe too much to say a piece of cake, but we've seen it before and i think that we will sail through that. and earnings, i'm looking at earnings to be probably sideways this past quarter. going into 2013 i think it's going to be one heck of a year. >> you mean a strong year? >> yes. strong. >> and you think stocks react to that? >> i do. i think they will react very strongly. i think there's a lot of risk, uncertainty out there. but on top of that, i think you will see stock buybacks. and i also still think you will see some dividend increases which are great for investors. >> brian, do you think it's going to be a piece of cake the debt ceiling discussions? >> what? >> that's what he said. >> this has been a market place that since 2007, 2008, that reacts to every little sound bite. we're going to see some volatility during every time of situation or news bit that comes out of washington. this is not goin
of in budget fight and we will see this as a protracted battle on the debt ceiling, on the sequester and continuing resolution. we will see this over and over again over the next six to nine months. >> neil: one of the things i love about not only your reporting but your akron is you cut to the core of the problem. and you explain to me, maybe i was a dope after the fact, i realize reading your account of this, that is why we are not getting anything done because they just don't think we have to. >> and let me relate one other thing that i found was really fascinating -- >> neil: that the president watches me all the time? i already know. but go ahead. >> we have the whole fiscal cliff debate. there were two fiscal cliffs. the tax cliff and then the spending cuts and sequester cuts hand is fascinating with the discussions is speaker boehner told me it wasn't until the second-to-last day after five weeks that the president even brought up the issue the sequester because president obama who created the sequester remember during the debt limit when they couldn't reach a resolution on th
trying to win over american support with more public campaign style tactics. on the debt ceiling essentially the credit card limit shall the president is calling on congress to raise that ceiling without a fight. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already wracked up. if congress fuses to give the united states ability to pay for bills on time. the consequence could be sc catastrophic. the last time our families and businesses suffered for it. >> congress has about two months to fix the debt ceiling before the u.s. may have to default on some bills. >> how is that tough talk going over with republicans? >> not very well. >> republicans who agreed for the president's push for higher taxes during the fiscal cliff battle, now want to tackle spending and raising the debt limit as part of the spending problem. we want more bipartisan negotiations and less campaigning. >> and it looks like the second term of barack obama is going to be an in-your-face term. i'm not going to talk about the debt ceiling. we have yet to
earning more than $1.3 million a year to pay 75% tax. >>> a debate over the debt ceiling is heating up. >> people say i'm not going to pay my bills unless you stop buying stuff. well, stop buying stuff so you don't have a future bill. >> the fight on capitol hill over spending cuts. >> and the new legislation aimed at preventing mass shootings. >> and a massive brawl at a louisiana mall. ♪ [ female announcer ] no more paper coupons. no more paper lists. [ dog barking ] ♪ no more paper anything. safeway presents just for u. ♪ save more. save easier. saving more, starts now. just for u on the safeway app. . >>> the so-called flash mob in louisiana this weekend ended in a millionee and emptied an entire shopping mall in baton rouge. according to witnesses about 200 young people gathered in the mall's food court and apparently answering a notice on a social website. a fight broke out and people started to run and jam exits. there were reports of arrests, but no reports of serious injury or damage. >>> president obama faces a full agenda as he returns from vacation. the president
that need to get done? things like the debt ceiling? >> well, i don't think we could afford to let it get in the way of debt ceiling. we only have two or three months to get that done. that fight is getting frankly much more difficult than the fiscal cliff was. we have the debt limit which the president quite rightly has said he won't engage on that. we can't hold that kind of a revolver to the economy that way. but, nonetheless, the gop can shut down the government if it chooses. we have the sequester. so we have to deal with those issues. >> is that where we're headed? because there's been at least one suggestion by one republican that maybe a government shutdown is just what we need. >> well, i don't know. it didn't work out so well for the gop in 1994. i don't think it's the right thing. i would hope instead of looking forward to government shutdown we would be looking forward to finding a new way to work together in this new year. that's really what the american people are asking for. it's not too much to ask. but it will be interesting. i think that chuck hagel is going to be a chal
congress is going to have to deal with the debt ceiling, and i'm being told, you know, the debt ceiling, the sequester and then a continuing resolution to fund government spending is going to be an even bigger fight. what do you expect in the next couple of months? >> the sequester and the continuing resolution. whenever there's an agreement, maria, we look for two elements. content and momentum. was the content sufficient, and clearly it wasn't. that's why we have another crisis coming up. also we've got no momentum. it's not as if democrats and republicans came out feeling good about this. they came out feeling bad about this, and, therefore, there's absolutely no momentum for cooperation, so markets better have the seat belt on because we're going to have more political drama in the next few weeks. we're all talking about taxes going higher on the rich, and, yet, this social security tax is going to hit everybody. what impact will this have? >> so, you're right, in terms of economics, the biggest impact is on the payroll tax because the propensity to consume or put another way how mu
news. we think the markets are going to be much more focused on the debt ceiling debate short-term and the good news we see down the road long-term. >> jack, you know, we all just went through that whole debate over the fiscal cliff. and now we're gearing up for another fight in washington. that over the debt ceiling. how rankerous will it be? >> it's remarkable how low volatility is right now. to me it would seem investors are complacent as if we just haven't done this just the other day. yeah. i see more and more problems. i see more volatility. more uncertainty. and, you know, this is one where 2013 is ultimately a year of austerity. one where it's a rebuilding year. which means we probably want to play a lot of our equity exposure away from the u.s. to some degree. or at least away from the consumer. and then if we do get a huge pullback, i mean, if the market really chokes, perhaps there will be a buying opportunity. ultimately i think we end the year maybe mid-single digits to the upside on the s&p. >> ron where are you on this? >> i probably split the difference between
to cut spending. >> this is more like a debt ceiling thing. >> stephanie: again. as i was saying, what eye candy for the gals to have mitch mcconnell on every sunday show. no matter where you turn, that was -- [ screaming ] okay. this sunlight hits your television just right and reflects off his glasses things can burst into flames. you need to be careful. mike in pittsburgh writes steph -- >> he's a fire starter. he did start the fire. >> stephanie: yeah, well we didn't. dear steph i keep listening to the criticism of the fiscal cliff, not getting the $250,000 limit. here's a factoid for you. in 1939, president clinton enacted the tax rate on incomes over $250,000. now, the i.r.s. and today adjusted for inflation his $250,000 is $397,000 which is exactly what the president got. president obama got the same deal president clinton got back then. i would say the country did pretty good. >> that's just kenyan voodoo. [ ding ding ] [ applause ] >> stephanie: all right. isn't it just like -- it's like an acid flashback or like a flintstones cartoon background. here we go again. >> the same
refusing to negotiate with republicans on the national debt ceiling. the republicans led by speaker boehner are determined to take up debt and spending once again. this time he says the american people are on his si. the speaker today in the republican caucus meeting behind closed doors. bigger banner making it clear that the president's refusal to negotiate will not deter him or his party and the speaker said that the esident said that he isn't going to have a debate with us over the debt ceiling. he also says that he's not going to cut spending along with a debt limit hike. fiscal cliff behind us on the focus turns to spending. speaker boehner cited a new poll, showing 72% of americans agree with him. but any increase in the debt limit must be accompanied by an equal amount in spending cuts. senator john cornyn saying that if the president inten the president intends to carry through with his no negotiation threat, but a government shutdown may be the only way to find resolution. the new senate majority leader saying that it may be necessary to partially shut down the government in order
area. tonight, her advice for president obama as the debt ceiling looms overhead. >>> a and the rain has moved on but now clearing skies leading to chilly temperatures around the bay area right now. already down to 34 degrees. the thing that will slow your morning commute, likely to be fog down to a quarter mile in spots. coming up in a forecast, both warm and cold for the bay area. the details coming up when we come right back. >>> another budget battle is shaping up in washington. this one over rizing the debt ceiling. republicans will not agree on taking on more debt without cuts on medicare, medicaid, and other social services. >> i think tax reform ought to be revenue neutral as it was back in the reagan years. we resolved that issue. with don't have this problem because we tax too little. we have it because we spend way, way too much. we settle the tax issue. the question is now can we address the single biggest threat to america's future. that's our excessive spending. >> some say this stand-up could be worse than the fiscal cliff fight. house minority leader nancy pelosi says
into a tail spin analysts tell us. republicans and democrats say they want to avoid reaching the debt ceiling deal at the last minute like we saw with the fiscal cliff fiasco and seems like everything in recent memory. republicans are saying they want spending cuts attached to some deal and democrats say spending cuts should be a different issue. >> if you raise the debt ceiling by a dollar, cut spending by a dollar. that is the way to go forward and we need a budget. our democratic friends haven't passed a budget in three years. >> the debt ceiling is about spending that has already occurred. you are going to say i'm not going to pay my bills unless you stop being stuff? well, then stop buying stuff so you don't have future bills but right now we have to pay the bills that have been incurred. >> shepard: the president said on saturday that he will not compromise over raising the debt ceiling. won't even put that on the table. shannon bream with the news live in washington this afternoon. how you is this strategy work out for republicans, shannon? >> shannon: the president says if they refuse
success in the senate on confirmation. >> let me turn your attention to the debt ceiling debate which will ramp up in earnest to the extent it didn't already on sunday morning talk shows. you were made aware of analysis that indicates we will hit that debt ceiling maybe even sooner or than the treasury will have to start taking its ex record to marry steps even sooner than we thought. so what happens if we really get to the point where we go over, and what the next steps? what does the treasury do? >> very difficult choices. the treasury would have to prioritize bill paying. they could do it by the day. do it by the type of expense they are going to repay. presumably sovereign debt would be repaid first. but given the fact this is unprecedented, never happened before, you could have the president reconsidering his assertion that he could not use executive authority. the president said he does not believe that under the constitution he can un latry raise the debt ceiling. but some disagree and urge him to do that. he said he will not negotiate with congress at all. so you have to think
will not negotiate over increasing the debt ceiling. you say despite what the business community thinks, you may have to push it to the brink again. >> the biggest problem confronting the country is excessive spending. when will we deal with it? we have watched the government explode over the last four years. we have dealt with the revenue issue. will the president lead? why should we have to bring him to the table whe ? >> senator mitch mcconnell on nbc's "meet the press." should spending be tied to an increase on the debt limit? cited a poller' that cited 72% of respondents -- what do you think? kevin is from south carolina. from new york.eve independent. guest: i am a funny person. i am in the green party i voted conservative. i have been on disability for 38 years. iwatch all of the committee hearings on c-span. i would take the new cost of living cut and offer something to the republicans like no capital gains tax. they are always talking about growth. >> here is a facebook, and. jimmy writes -- join the conversation on facebook. look for c-span. caller: we have to cut spending. it is driving th
of the debt ceiling sight, this is going to be ugly. >> i think tax reform ought to be revenue neutral as it was during the reagan years. we've resolved this issue. we don't have that problem because we tax too little. we have it because we spend way, way too much. so we've settled the tax issue. the question is now can we address the single biggest threat to america's future? and that's our excessive spending. >> we're talking about looking at the tax code, putting everything on the table from the standpoint of closing loopholes and we know we can do that. >> we will talk more about the budget battle at 7:30 eastern time with former governor ed rendell. but, obviously, the two sides are far apart at this point. in our d.c. news today, president obama is expected to nominate former republican senator chuck hagel as defense secretary. republicans call him a controversial in your face pick. he criticized the iraq troops that opposed unilateral sanctions as iran and he once said that being gay impended effectiveness. there have been people on both sides of the aisle who have been mad abou
there in washington, d.c. talking about the debt ceiling. and just earlier we were -- had the opportunity on "the daily rundown" to talk -- or kmuz me. david gregory had the chance over the weekend to speak with mitch mcconnell about shutting down the government. i just want to play for everyone exactly what he had to say. >> would you rule out a government shutdown to achieve your goals? >> what i think we ought to do is to encourage the president to actually be president. address the single biggest -- >> i understand that. my question is would you rule out a government shutdown? >> i know what your question is. what i'm telling you is i haven't given up on the president stepping up to the plate. >> mitch mcconnell seeming a little defiant of that question there. obviously we've lived through this before knowing they're willing to push us to the brink of shutdown and put the country at great peril in terms of our credit ratings and such. when you think about this fight coming up, what's your take on how it's going to play out? >> well, i agree with mitch. with senator mcconnell that i think it's
ceiling, are the republicans ready to take a stand on debt? this is the first full week of trading of 2013 and the opening bell is next. [ male announcer ] where do you turn for legal matters? maybe you want to incorporate a business. orrotect your family with a will or living trust. and you'd like the help of an attorney. at legalzoom a legal plan attorney is available in most states with every personalized document to answer questions. get started at legalzoom.com today and now you're protected. [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who think like you do. face time and think time make a difference. at edward jones, it's how we make sense investing. >> well, we're 30 seconds away from
over the debt ceiling and cabinet nominations, the president has a lot more on his plate in the coming weeks, including a fight over guns after the tragedy in newtown. and there's word tonight about what the obama administration is planning to do. we get our report from nbc's mark potter. >> reporter: in aurora, colorado, scene of last year's moviehouse massacre, officials say a gunman killed three people in a home before firing at police. >> the suspect was hit and he has been pronounced dead. >> reporter: this as lawmakers call for more action. >> we will not have as the new normal a mass shooting every month. >> reporter: gun shows near orlando and atlanta drew huge crowds this weekend, but the decision to hold a gun collector's show near newtown, connecticut, where the school shootings occurred, drew mixed reactions. >> it seems insensitive to have the event continue. >> i believe that they should have the gun show. >> reporter: later this month, vice president biden's gun violence task force, formed in response to the newtown shootings, is expected to give its recommendations, whi
leaders still clearly prepared to use the debt ceiling as leverage, nancy pelosi explained what she would do if she were in president obama's shoes. >> why do we go through this kind of exercise that embarrass everyone. >> ask the republicans. we always passed the debt ceiling when president bush was president. there should be -- this is a conversation where there should be no doubt. in fact, if i were president, i would use the 14th amendment which says that united states will always be -- >> you would go ahead and do it. >> but the congress hasn't incurred much of this debt. >> more on the president's big january agenda the white house is considering comprehensive plans to crack down on gun violence. three weeks after the sandy hook shootings in newtown, connecticut, the task force is looking at wide-ranging measures. the group is exploring ways to strengthen mental health checks. >>> in some cases the potential measures could be implemented through executive action. >> i think what we need to do first is to see what the vice president's group comes up with, what their recommendations a
down clock is ticking down on the next potential crisis over the debt ceiling and sequester cuts. today an interview that raised eyebrows all over the city especially among republicans. correspondent shannon bream reports on the inside look on president's spending. >> with the last fiscal deal they are gearing up. as one of the key players talk about what happened the last time around. in an interview, house speaker says, quote at one point several weeks ago the president said to me, we don't have a spending problem. boehner says he was stunned and repeatedly push the issue with the president. he says mr. obama grew irritated and said i am tired hearing you say that. there is no give to the president's advantage and he won't hold any more closed door meetings with the president because he called it futile. the president vowed there will be no debate whether to raise the nation's already exceeded debt ceiling. a key thing that republicans will give them much better positioning as the u.s. hovered dangerously close to the fiscal cliff. the two sides don't agree whether tax revenue is sett
to fix the debt ceiling before the u.s. will default on some of the bills. >> how is that tough spot going over with repaub cans? -- republicans? >> not very well. thor those who pushed for the higher taxes during the fiscal cliff battle now want to focus on spending. they see raising the debt limit repeatedly is path of the problem. >> looks like the second term of obama will be an in your case term. i am not going to touk with you at all. >> we get to cut one dime nower>> congressman chris van holland said it is irresponsible not to pay bills that are due. after decades of military service two our country the former general can be found in civilian clothes but not necessarily by choice. stan me mccrystal going public for the first time that cut his tahrir short. >> 100 yearing ago the 27th man in the u.s. is in that house. presidential bieb brar reand materials. we will go back tore all of the t-shirts. [ male announcer ] coughequence™ #8. waking the baby. [ coughs ] [ baby crying ] ♪ [ male announcer ] robitussin® liquid formula soothes your throat on contact and the active i
've also said, senator cruz, that you are prepared to use the debt ceiling vote as a bargaining tool. but some look at that and they say, you could be risking the downgrading of u.s. government debt, u.s. government bonds again. >> you fast forward to the debt ceiling. i think that's the mirror image of the fiscal cliff. because the default, if nothing happens, is that the debt ceiling is not raised. what that means it doesn't mean, as some who would demagogue this issue suggest, i doesn't mean a default on our debt. whatnot raising the debt ceiling would mean is a partial government shutdown. roughly 40 cents of every dollar the federal government spends is borrowed. if you don't raise the debt ceiling, that 40 cents is temporarily stopped. now we did that in 1995. we didn't default on our debt. >> woodruff: right. the result was balanced budgets and some of the greatest fiscal responsibility was seen we've seen in modern times from congress because fiscal conservatives stood together and said we need to be responsible. >> woodruff: let me ask you about a couple of other issues. tha
, whether it be the upcoming debt ceiling fight -- ♪ >> or potential chaos overseas. just -- or just the overall sense that our economy isn't creating the jobs we thought it would. [ heartbeat ] >> this show i thought it would be important to have big themes to fall back on. rising tides that could lift all of their boat at least in the sector because we know that we've begun 2013 the way we ended 2012 -- with the endless assault of washington upon our stock market -- ♪ >> house of pain! >> plus, you also have to deal with the intellectually lazy talking heads who pontificate about things like risk on, risk off. i actually heard it today maybe four times, which is merely genuine wall street gibberish. and i did trade and invest for a living professionally that gets to fine opportunities for you. these dopes are looking at the world through some weird binary lens. a lens that says every day we're supposed to train the s&p futures, yeah. >> sell, sell, sell -- >> buy, buy, buy -- >> the long side, the short side. slang for we have to be bulls or britney spears -- or bears. i intend t
is not going to be repeated when it comes to raising the debt ceiling. others may not be on board with that. republican matt salmon of arizona had this to say. >> i was here in the government shutdown of '95. it was a divided government, democratic president of the united states and a republican congress. i believe that that government shutdown actually gave us the impetus, as we went forward, to push toward some real serious compromise. i think it drove bill clinton in a different direction, a very bipartisan direction. >> joining me now, l.z. granderson and will cain, both cnn contributors. good morning, guys. >> good morning. happy new year. >> happy new year. i'm so glad to be back. i've been on vacation, and i feel like i'm talking about the same stuff, which i am. i wanted just to lay out the idea of a government shutdown for people who can't remember as as far back as 1995 because it had the following effects. it cost taxpayers about $800 million. new social security claims were not processed. medicare recipients were delayed, their applications, that is. the cdc, the centers for dis
their way in the upcoming debt ceiling fight. did he forget who won the election? this is "hardball," the place for politics. meet the five-passenger ford c-max hybrid. c-max says ha. c-max says wheeee. which is what you get, don't you see? cause c-max has lots more horsepower than prius v, a hybrid that c-max also bests in mpg. say hi to the all-new 47 combined mpg c-max hybrid. or treat gas with these after you get it. now that's like sunblock before or sun burn cream later. oh, somebody out there's saying, now i get it! take beano before and there'll be no gas. i got your campbell's chunky soup. mom? who's mom? i'm the giants mascot. the giants don't have a mascot! ohhh! eat up! new jammin jerk chicken soup has tasty pieces of chicken with rice and beans. hmmm. for giant hunger! thanks mom! see ya! whoaa...oops! mom? i'm ok. grandma? hi sweetie! she operates the head. [ male announcer ] campbell's chunky soup. it fills you up right. >>> i just saw a great movie, silver linings playbook with bradley cooper, jennifer lawrence. i select silver linings as one of the five great philad
the democrats looking to get rid of these tax credits. >> they need to raise the debt ceiling, but if we don't raise it without a plan to get out of debt, while the should be fired. >> even to get rid of some of the special interest tax rates,. >> if you are a republican trying to get good media coverage, you're playing the wrong bit game. that is the only time that you have leverage. if you don't raise the debt ceiling right away, it's not defaulting on their loans. the treasury secretary can cut other spending. it is basically a government shutdown. republicans have lost that in the past. but i think unless there is something that the president has to lose, you don't have any leverage in the spending cuts. gerri: you know, the far left and far right will think that that -- well, the different analyses of what happened. they think will lives lost in the last debate what do you make of that? the republicans were in a much weaker bargaining position. what speaker boehner was doing anything that taxes went up at midnight on december 31. he actually got a tax cut compared where would've been. e
makes a visit to the bay area. tonight her advice for president obama as the debt ceiling looms overhead. >>> also -- >> we drove several extra blocks that way to try to find parking. didn't have a meter. it's definitely a hardship. >> and it is day one of new parking rules in one bay area city, and drivers are already feeling very frustrated. we'll explain. >>> and see things switching up in the weather forecast right now too. right now clearing skies, 40s and some low 50s out there as the showers leave the bay area for now. the seven-day forecast is going to go on a roller coaster ride from warming to big-time cooling. we'll show you that when we come right back. (woman) 3 days of walking to give a break cancer survivor a lifetime-- that's definitely a fair trade. whoo! you walk with friends, you meet new friends, and you keep those friendships. it was such a beautiful experience. (jessica lee) ♪ and it's beautiful ♪ undeniable (woman) why walk 60 miles in the boldest breast cancer event in history? because everyone deserves a lifetime. visit the3day.org to register or to request m
of the debt ceiling crisis before compromise was reached which was routine in the past. so we thought that by focusing on congress whose popularity is at an all-time low, john mccain said you can account for the 9% popularity of congress during the debt ceiling crisis by blood relatives and paid staffers. we felt by focusing on congress we could both diagnosed the problem and give some prescriptions for how to overcome it. >> which of those prescriptions? >> one of those prescriptions is very simple, which is congressmen need to exercise leadership by mixing my and sets, by putting aside the campaign mindset won enough to govern, and adopting the compromise and might set. in order to do that, they have to have relationships so they should spend more time in washington and less time raising money. and people would say but that is going to hurt them in the next election. we say politicians didn't enter politics just to stand on principle. very few people think that politicians were attracted to politics because they were the most principled people in the population. they were attracted
uncertain, they are not going to be hiring because of the concern about the debt ceiling, sequestration, and some of these other things. > > absolutely. and small business owners are the ones taking the tax hike, the tax increase. and they right now are probably the ones that have the most uncertainty with what happens with the new healthcare bill and what happens with taxation. i don't think that is going away, because right now i think the debt ceiling debate we are going to be having coming up in february is going to be even more rancorous than the one that we just that. republicans think they gave away taxation- > they are digging in their heels. > > and now they are going to get spending cuts, whereas the democrats are saying, "if you are going to get more spending cuts, you've got to give me more tax increases." so i think the end of february could be very interesting and very ugly for the markets. > the fiscal cliff of all mothers of fiscal cliff, or however you want to put it, it could be a lot worse. brent schutte from bmo harris. thanks so much. > > thank you. still ahead, the
big cuts in programs like medicare and social security as a condition for raising the debt ceiling. >>> and u.s. regulators may announce a $10 billion settlement today over bad foreclosure practices. the "new york times" first reported the deal last week said 14 banks, including citigroup, jpmorgan and the bank of america are involved. nearly $4 billion will go to people who lost their homes in 2009 and '10. the rest will be for those in the process. the times says the fed threatened to block the settlement, demanding for money from banks for their reason in the financial crisis, but has since back down. >>> and a reminder of what on the agenda in australia tomorrow, falling resource revenues have been widening their trade deficit. and it's also in focus with samsung electronics, expected to release it's delayed guidance. at the same time, japan's retail giant will unveil their q3 forecast, as well. and december faels figures are due from taiwan. auoptronics and umc. >>> still to come, our next guest expects a 10% price drop in aural commodities over the new year. we'll find out wh
in medicare, medicaid and other government programs. >> i believe we need to raise the debt ceiling, if we don't raise it without a plan to get out of debt, all of us should be fired. >> special treatments under the tax code which ought to be looked at carefully. >> tweaks to the tax code could save money. president obama says he's willing to consider spending cuts separately, but will not bargain over the government's bargaining authorities. >>> so syria now, where the president outlined a road map for peace today, as fighting in the country continued. the u.n. says more than 60,000 people have been killed since the crisis began march 2011. stephanie gosk has more. >> syrian president bashar al assad addressed his country for the first time since june. he's very rarely seen in public. he was greeted by a packed and boifterrous oust tore yum. he blamed the crisis in syria on terrorists, including al qaeda and the countries that continue to fund them. there was little to no mention of the syrians themselves and have picked up arms against the government. assad also proposed a new political init
are drawn in the battle over spending cuts and the debt ceiling. and then there is earning season. kicks off tomorrow with alcoa. >> banks in the spotlight this morning, bank of america settling with fannie mae with mortgages it underwrote during the housing boom. citi submitting to the feds. >> revising up, gdp forecast to 8-1, saying investing in the mass market stocks is the way to go. >> potential cuts at the magic kingdom reports disney's got internal cost-cutting review under way. >> the question of the day, can the new year rally continue. last week the s&p jumped 4.6% to a new five-year high. not only is wall street looking ahead to earnings season, beginning with alcoa tomorrow, but paying close attention to the battle over the debt ceiling and spending cuts. the big debate over whether more revenue increases should be on the table. >> the tax issue is finished, over, completed. that's behind us. now the question is, what are we going to do about the biggest problem confronting our country and our future. and that's our spending addiction. >> mitch mcconnell's going to draw that lin
have to get our act together. >> the precurser that many of us see this vote being, to the debt ceiling fight that's still ahead. >> yeah. >> will that result in the house saying, look, we aren't going to continue to just let you borrow money if uv no intention of stopping the runaway spending? >> i'm just going from my freshman year to sophomore year. i've been there two years. a lot of us thought from barack obama would be may have like bill clinton. once he lost big in the first off election year, 2010, he would come to the center. he didn't do that. and so now you see our house conference. i was just there yesterday. they are more focused than ever to engage in this fight, whether it's going to be during the debt limit debate that will come in two months or we have a c. o. debate, which the government is only funded through the end of march this year. so to fund the government for the rest of the year we will have another opportunity for a spending fight. but you have people that are now ready to engage in a way like never before to make sure we reform spendingave the country. >> we
at hole and that is the debt ceiling as we enter into this new year. tony, is that going to play a part, will that maybe prevent you from being more bullish in this environment because there is still so much uncertainty? >> you know what? i think politicians are starting to realize they can't play this jousting match they have been having with the last debt ceiling, the fiscal cliff which is behind us temporarily. so i think when they come to the table with a solution, the markets are going to rally just like they have in the past. i think they're going to come up with a solution but until there is a solution, until there is something, i think we'll see some volatility. but i really think they will come to the table with a good, solid solution. it will give republicans a chance to put their foot down on some of these, on some of this public spending. and it is going to be positive for the investor. ashley: bob, let me finish with you. you like emerging markets. people say that a but which market in particular are you particularly hot on right now? >> well, actually we think china is poi
are already being drawn. chief among them whether congress will vote to raise the country's debt ceiling. shortly after lawmakers reached a down to the wire deal on taxes to pull the country back from the fiscal cliff earlier this week, the president tried to preempt the debt limit showdown by firing a warning shot at republicans. he reiterated that call yesterday. >> one thing i will not compromise over is whether congress should pay the tab for a bill already racked up. the congress refuses to give the united states the ability to pay its bills on time, the results for the global economy could be catastrophic. >> congress has vowed to use the upcoming votes to get more spending cuts to entitlement programs like medicare. some are threatening a government shutdown. in a moment, we'll talk to alan simpson and erskine bowles about where they see the fiscal cliff deal leaving the country. they say it falls short. but first, the man who brokered the deal with the white house on behalf of the republicans and no doubt will be a key figure in the battles ahead, the top republican in the senate
that the brinkmanship we're seeing and flirting with the debt ceiling could have a cataclysmic affect and wonder if the comparisons overstate the crisis here. there's a report that basically said you have a 1.2 trillion -- if you do a $1.2 trillion deficit reduction plan will cover you for 10 years so that your debt to gdp ratio is stabilize. much lower rate than anything in europe. are we overstating that comparison a bit? >> i don't think so. but i think the accurate way to look at it is slightly different situations. europe taken as a whole has a debt somewhat lower than america's. the share of gdp. it's a distribution of the debt that's a problem. you have the counties in the south and northern countries that don't want to pick up the tab for it and the nexus of the problem, a dispute of how to get paid for. you know, if you think about it, that's a little bit of what we have going on here. neither democrats or republicans disagree there's a debt problem and nobody really disagrees that the problem is fixable as the numbers you quoted tell us. the big fight is over how to deal with it. neith
this as an opportunity to seem like they're in lock step after what we saw with the debt ceiling. at least in terms of verbage going into this, i think you'll hear more consensus on the r side than on the democratic side. >> i want to ask you this question because it's been thrown out there as a reason as to -- aas a reason for the republican resistance, which is that chuck hagel is a reminder of the republican position on the iraq war. >> well -- >> and that is -- that's just too much for them to deal with. >> there's a whole bunch of things behind here. there is not just the iraq war. there was what's perceived by a lot of republicans as the obama administration's failure to negotiate a status forces agreement with iraq to allow u.s. forces to stay there, and iraq has gone downhill. that's the narrative. there's also bengazy, and there's sort of a -- there's been building this sense among republicans that the obama administration is not strong enough on counterterrorism, is not tough enough, somehow is hiding its ineptness, and i think that's what's behind this, and it's all going to come out, ag
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